MarketersMEDIA / Newsroom / At 6% CAGR, Embedded system market is expected to gain USD 56 Billion by 2023

At 6% CAGR, Embedded system market is expected to gain USD 56 Billion by 2023

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Embedded hardware system market size was valued USD 154.82 billion in 2015 and is anticipated to observe significant gains, with USD 240.11 billion at a CAGR of 5.5% from 2016 to 2023

— The global embedded system market by automotive sector valued USD 34.64 billion in 2015 which is likely to attain USD 56.04 billion by 2023, growing at a CAGR of 6% from 2016 to 2023. Increasing acceptance of hybrid as well as electric vehicles in order to control emissions is likely to fuel the industry growth. Healthcare sector is likely to grow at a CAGR of 6.3% over the next few years. Rising need for portable medical devices in this application is predictable to boost embedded system market growth

U.S. embedded system market share dominated the regional demand, accounting for over 30% of total revenue in 2015. Asia Pacific is anticipated to grow at a CAGR of 6% up to 2023. This can be attributed to the presence of fabrication plants in the region.

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North America embedded system market size is projected to be worth 84 billion at a growing CAGR of 5.7% in the near future. Europe is anticipated to pick up the pace during the projected period and surpass USD 62 billion over the predicted time frame. Asia Pacific market is likely to register USD 81 billion by 2023 owing to the largely available skillful professionals in software development.

Embedded hardware system market size was valued USD 154.82 billion in 2015 and is anticipated to observe significant gains, with USD 240.11 billion at a CAGR of 5.5% from 2016 to 2023. Technological innovation and advancement in emerging nations such as Russia, India, China, Brazil and Taiwan is likely to spur growth. Embedded software was valued at USD 10.46 billion in 2015, and is anticipated to attain USD 18.61 billion by 2023, at an estimated CAGR of over 7.3% over the forecast period.

Following are the projected key trends:

• Designing Secure Systems on Focus
• Emergence of M2M Communication drives Demand for Embedded M2M Solutions
• Smart devices and vehicles open up the application avenues
• Growing Role of Electronic Control and Signaling in Railway Networks creates prospects
• Advancement in Medical and Healthcare Boosts Market Opportunities

Technology innovation in wireless communications, software and digital processing is expected to positively impact embedded system market size. Systems that effectively and efficiently drive the electronic contents within vehicles have also increased significantly in automotive sector. This assists safety systems on the highest priority by monitoring parameters such as tire inflation, antilock braking systems, remote keyless entry, antitheft and airbag systems. However, security risks related to the systems is anticipated to hinder the embedded system market growth.

To view this report in detail along with the table of contents, please click on the link below: https://www.gminsights.com/industry-analysis/embedded-system-market

Moderately competitive industry consists of top four manufacturers accounting for more than 50% of the embedded system market share. Key manufacturers include Infineon Technologies, Freescale Semiconductor, Atmel Corporation, Renesas Electronics, Samsung, STMicroelectronics, Texas Instruments and Microchip among others.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Organization: Global Market Insights Inc.
Website: https://www.gminsights.com/pressrelease/embedded-system-market-report

Source URL: https://marketersmedia.com/at-6-cagr-embedded-system-market-is-expected-to-gain-usd-56-billion-by-2023/88918169

Source: MarketersMedia

Release ID: 88918169

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